Bitget is a cryptocurrency exchange platform for trading various cryptocurrencies. It allows users to buy, sell, and trade digital assets from more than 200 trading pairs available on the exchange. Bitget provides a user-friendly interface, advanced trading tools, and a range of features and services catering to beginner and experienced traders.
So if you are a Bitget user, crypto investing and trading makes you liable to file a tax report every financial year. For that, you require a reliable platform for calculating their taxes. This is where KoinX comes into play. It is one of the industry leaders in providing comprehensive solutions to managing crypto taxes, portfolios, and accounting.
But how can it help in generating your tax report from Bitget? For that, please read this detailed guide on how to generate your Bitget tax report using KoinX.
A Step-By-Step Guide On How To Generate Your Bitget Tax Report With KoinX
You no longer have to worry about calculating taxes manually. All you have to do is integrate your Bitget account with KoinX and let KoinX do the work for you. The steps to the same are explained in detail below:
Step 1: Log in to your BitGet account using your credentials.
Step 2: Click on the profile section in the top right corner that displays a male or a female animated avatar.
Step 3: Click on ‘API Keys’ on the dropdown menu.
Step 4: Once you have the API key page in front of you, click on ‘Create API Key’
Step 5: Under ‘Select API Key Type,‘ ensure that you select “System-generated API Key.”
Step 6: Under the ‘Note’ section, type “koinx tax.”
Step 7: Under the ‘Paraphrase (API Token)’, type in any alphanumeric characters within 8-32 character length.
Step 8: Under “Permission”, select “Read Only.”
Step 9: Scroll down the window to select the ‘Search’ box present in front of the Taxation option.
Step 10: Once done, press ‘Next.’
Step 11: You will not be directed to the ‘Security Verification’ page. Hit “Send” under both Email verification and Mobile Verification.
Step 12: You will receive a one-time password (OTP) on your registered mobile number and email. Once received, enter the same in the boxes below their respective fields.
Please note that these two passwords will not be identical.
Step 13: Once you have entered the OTPs, click ‘Confirm.’
Step 14: Copy the API and Security Key into a safe document.
Step 15: Log in to your KoinX account using your credentials.
Step 16: Once logged in, navigate to the Integration page.
Step 17: On the search bar, type BitGet and select the ‘BitGet’ icon appearing below.
Step 18: Paste the API and Security Key under their respective headings. Also, enter the alphanumeric Paraphrase you created while generating the API Key.
Step 19: Review all the keys and paraphrase properly. Once satisfied, click on ‘Import Now.’
Step 20: Allow KoinX to import all your transactions from Bitget to its platform.
How To Easily Calculate & File Your Bitget Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account.
You can conveniently import your crypto portfolio data in one place, as KoinX supports integrating all the top exchanges and wallets. Follow the above given step-by-step guide to integrate your Bitget account with KoinX.
Step 2: Review your transactions.
KoinX’s interface allows the visualisation of your transaction data in categories. It will compute gains and losses while ensuring accuracy and compliance with the latest tax regulations. You may see some warnings about your portfolio, and you are rest assured to refer to the article to solve the issue.
Step 3: Generate your tax reports for the selected financial year
KoinX provides all the essential tax reports and a clear overview of your crypto tax obligations. It helps you manage your transactions based on your portfolio and trading style while accurately following the crypto tax regulations.
Step 4: File your taxes
You can download the tax reports directly from KoinX in various formats. It will allow you to send the reports to get professional advice and swift filing.
Important Things to Consider While Generating Your Bitget Tax Report with KoinX
- While downloading the transaction reports, make sure you have selected the duration according to the date you opened your Bitget account. It will help highlight missing transactions and provide an accurate KoinX Tax report.
- Remember that KoinX only fetches your real-time transaction data from Bitget if you turn on the sync option. It will ensure seamless and up-to-date tax reporting.
- Review your transaction on the transaction page to avoid calculating profit and tax irregularities.
KoinX is a powerful tool that will help you comfortably solve the issues of cryptocurrency taxation. So stay on top of your crypto tax management with KoinX.
Frequently Asked Questions
Do I need to report my Bitget for tax purposes?
Yes, If you have a cryptocurrency portfolio, you must report your profits according to tax laws in your country. Also, if you are an India-based Bitget user, you need to know that Indian government-mandated cryptocurrency trading is subject to a 30% tax on profits.
Does Bitget report to the Income Tax Department?
No, Bitget does not report to the Income Tax Department on the crypto tax of users. It only lets you connect your portfolio with a tax calculation platform like KoinX. KoinX is the platform that will help you calculate your taxes accurately and streamline the tax filing process.
Does Bitget provide tax reports?
No, Bitget does not provide tax reports. Bitget is a cryptocurrency exchange that allows the trading of cryptocurrencies. KoinX is a tax calculation and reporting platform that will help you report your taxes optimally.
How are Bitget transactions taxed?
Bitget users are taxed according to the regulation and provisions provided by the concerned residence country. According to the Indian government’s 2022 budget, trading or spending cryptocurrencies is subject to a 30% profit tax. It also includes 1% TDS.
How does Bitget tax reporting with KoinX work?
Using KoinX, you can quickly generate tax reports for your Bitget crypto portfolio by following the above given step-by-step guide to integrate Bitget with KoinX. After integration, the KoinX platform automatically syncs all your transactions to calculate your gains and produce downloadable tax reports.
What are the most common issues with importing transactions from Bitget to KoinX?
Integrating Bitget and KoinX to import transactions is relatively easy, but you must consider the API keys copy and paste process. It would help if you handled your API keys and passphrase with care, or else your transaction data can be seen by anyone who obtains it.
How do I troubleshoot my Bitget integration with KoinX?
If you need help with a problem, KoinX provides active customer support to help you get through the problem. You can reach the KoinX support team through live chat, social media (Twitter), or email at support@koinx.com. You can visit the help centre too.
